What You Need to Know About Your Annual Bonus and 401(k)
As a reminder, XL America, Inc. Employee Savings Plan (401(k) Plan) contributions are taken from your annual performance year bonus, as well as salary.
Note: The deadlines below apply to colleagues who are receiving their bonuses in the March 13, 2020 payroll.
You Can Change Your 401(k) Election by Thursday, February 27, 2020
If you wish to change your current 401(k) election, which would apply to both your 2019 performance year bonus (payable March 13, 2020) and salary deductions, you must do so via the Merrill Lynch website at www.benefits.ml.com
by Thursday, February 27, 2020, 4:00 pm ET
, in order to make the change effective for the March 13, 2020 payroll. The plan does not allow for separate 401(k) elections for salary and bonus.
Note: Any changes made after Thursday, February 27, 2020, 4:00 pm ET will not be effective for the March 13, 2020 payroll.
Don’t Forget to Resume Your 401(k) Contributions
If you would like to resume 401(k) contributions for the March 31, 2020 payroll, you must make those elections on www.benefits.ml.com between March 1 and March 12, 2020 4:00 pm ET
; otherwise, they will be effective as soon as administratively possible.